As John said, the ITIL v2 Manager Certificate will remain valid. As it covers the processes in service support and service delivery, and ITIL v3 still includes all of these (and more besides) in some form or another, albeit in a more logical life cycle approach, the knowledge you gain will remain valid and worthwhile. Furthermore, it will be that much easier for you to 'upgrade' later on should you wish to.

If I had the money right now I'd certainly be taking the v2 Manager Certificate as well!

Thanks Guys, trying hard to get this approved from Employer ... Let see how it goes . Any pointers for doing that course in Atlanta.....I see HP, Pinkelephent and few others ..all come to approx 9K USD....any experience or preference over providers ?

Latest comment from the IT Skeptic on this is:
"The IT Skeptic concludes that ITIL V3 is a significant change to the structure and content of ITIL. There is clear evidence that qualifications will change as a result. The content taught will change. The structure of the practitioner certificates may well change extensively to reflect the new ITIL book structure and new roles introduced.
While all parties involved are making disingenuous statements that existing qualifications will still be recognised, nobody is saying whether they will be superseded, and it is almost certain they will be updated.

If you are considering buying ITIL certification training at this time, you need to weigh up how urgently you need the IP versus how long you want it to stay current. "

But it looks like we will be well into 2007 or even 2008???? before we see V 3 training?? so how long can anyone wait?